Modelportefølje: Endnu en bid af billige Admicom

ADMCMResearch02.04.2026, 09.02

Automatisk oversættelse: Oprindeligt udgivet på finsk 2.4.2026, 07.02 GMT. Giv feedback her.

I dag øgede vi Admicoms vægt i modelporteføljen med 2 procentpoint, hvilket bragte dens vægt i porteføljen op på godt 9 %. Admicom-aktien har været under betydeligt pres de seneste måneder, da tvangssalg fra nordiske small-cap fonde har tynget aktien ud over frygten for kunstig intelligens. Efter vores opfattelse virker truslen fra kunstig intelligens i øjeblikket overdrevet, i hvert fald for nordiske ERP-leverandører. Vi ser den nuværende situation som et klart indgangspunkt, og Admicom har aldrig tidligere kunnet købes til så lave multipler (2026e EV/EBIT 10x).

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Mallisalkku

Admicom operates in the IT sector. The company develops cloud-based services that mainly concern administration, accounting, payroll and project management. In addition to its main business, it offers training and customer support. Its customers are small and medium-sized corporate customers, with the largest operations in construction and industry. The head office is located in Jyväskylä.

Key Estimate Figures26.02

	2025	26e	27e
Revenue	37.7	40.4	44.5
growth-%	6.1 %	7.0 %	10.3 %
EBIT (adj.)	12.0	13.1	14.9
EBIT-% (adj.)	31.7 %	32.4 %	33.4 %
EPS (adj.)	1.93	2.15	2.46
Dividend	0.32	0.40	0.50
Dividend %	0.8 %	1.5 %	1.9 %
P/E (adj.)	21.8	12.2	10.6
EV/EBITDA	16.6	8.3	6.5

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